Invoice factoring really can be an immediate cash flow solution if your company is waiting on accounts receivable payment.
In prior blogs, we have discussed how to navigate through the cash flow challenge with suggestions on cash flow best practices. There is no doubt that the faster you get paid, the faster you can grow and take care of business. To recap, factoring your accounts receivables allows you access to your cash today, rather than waiting 30 – 90 days for your invoices to be paid.
Do your research! Make sure you choose an experienced invoice factoring company that thoroughly understands the process. Bay View Funding has been committed to solving cash flow challenges since 1985, and is 100% dedicated to customer satisfaction. Our goal is to process your request to factor as quickly and simply as possible, providing excellent customer service every step of the way. Our process is fast and efficient:
- Fill out a simple application and request for documentation
- Present the customers and invoices you wish to factor along with agreed customer credit terms such as 30/60/90 day credit
- A member of our dedicated underwriting team will contact you to present an offer usually between 70 – 90% of the invoice amount
- The factoring process begins
- Your customers pay the factor according to the agreed terms
- Bay View Funding credits the payment to your outstanding invoice minus a factoring fee – our rates are as low as ½%
- The difference is returned directly to you
- Repeat the process and continue to maximize your cash flow and grow your business
The beauty of accounts receivable financing is that you do not need perfect credit in order to qualify. You may be a relatively new company with little credit history. It does not matter since your invoices are your collateral! Also, since factoring companies take on AR collection it is one less item for you to worry about.
Our dedicated team of professionals has a wealth of experience factoring receivables in many industries; helping companies meet payroll, buy inventory, and fulfill large orders that would otherwise have been impossible to take on. It is not necessary to wait 30-90 days for payment when you can access your working capital immediately.
When it comes to invoice factoring, Bay View Funding is here to help. Our professional and responsive team is looking forward to putting together a customized financing solution for you right away. Apply for cash now!